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Economics Homework Four Answers - Student Eight (view source)
Revision as of 01:11, March 9, 2011
, 01:11, March 9, 2011no edit summary
:Excellent.
:Excellent.
'''2.''' "Consumer surplus" is the amount of money above the asking price at which you would have still made a purchase. In the example, you were willing to purchase an old sports car for $10,000, but the asking price was only $9,000. Your consumer surplus is the $1000 which you were willing to pay but did not have to pay.
'''2.''' "[[Consumer surplus]]" is the amount of money above the asking price at which you would have still made a purchase. In the example, you were willing to purchase an old sports car for $10,000, but the asking price was only $9,000. Your consumer surplus is the $1000 which you were willing to pay but did not have to pay.
:Superb.
:Superb.